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Driven to the Market: Driven Brands sets potential stock price

Charlotte, North Carolina ⁠— Driven Brands, the owners of Carstar, Maaco, Meineke, Fix Auto USA and several other auto service companies, is looking to raise up to $760 million through an initial public offering (IPO)—which would value the company at about $3.4 billion (all figures in USD). 

Driven Brands plans to sell 38 million shares of its common stock, priced between $17 and $20 apiece, it said in a Thursday filing.

The company will list its shares on the Nasdaq under the ticker symbol ‘DRVN’.

Last year, private equity firm Roark Capital, which acquired Driven from Harvest Partners in 2015, was rumoured for sale at a price of $2 billion, according to a Bloomberg report.

Driven reported $2.4 billion in sales in the nine months ended Sep. 26, 2020, generating $616 million in revenue, according to the filing. 

Click here for more details on Driven Brands common stock offerings.

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